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Allbirds AI Pivot
Description
Allbirds announced it is pivoting from footwear to AI infrastructure and rebranding as NewBird AI. The company plans to acquire AI compute hardware and lease access under long-term agreements, alongside a deal to raise up to $50M. Shares surged 582% from under $3 to ~$17. Allbirds sold its IP and assets to American Exchange Group for $39M after sales fell from $298M in 2022 to $152M in 2025.
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